Any way back?

storey2704

Could some one help me with this?? If you have had default notice on a loan is there anyway back from it??

petermb_2

Of course.
A default notice is an offical statement that you are currently in arrears of an agreement you have entered into.

you can still negotiate with the lender to catch up with your payments.
If you are in a position to re-commence paying you can normally have time to recover. However, If you continue to be in default ,the lender without an agreement to resolve the issue, will have the opportunity to seek redress from you, depending on the loan and any security they may have.

I trust this helps you.

storey2704

The loan was on a bike. Everytime they send a letter they are charging £25.
What would you suggest I do, can't afford to pay all, I owe 2 months payment but they have added £100 in charges!

petermb_2

How long have you had the loan?
who is the lender? did you use a broker?
did you add ppi?
how much did you borrow?

Can you afford the normal monthly payments?

storey2704

Had the loan for just over a year, total amount payable under the agreement is £3602.95 total amount paid £995.71.
Lender is Bank of Scotland, went through bike dealership. Don't think took ppi but will have a look.
Yes can afford payments just had a couple of bad months.

petermb_2

If you can afford the payments, dont delay, get on the phone to them and start negotiating. I am sure they will listen.